The communication campaign for the launch and placement of a new bond designed for the retail market. An innovative product that millions of italian private citizens started loving in 2012... in spite of the crisis. The role of communication of the Italian Treasury to inform retail investors and support private savings.

1. BTP Italia Communication Plan:
A Case Study
Working Party On Information - Brussels - 4th
June 2013

2. Outline
 What is BTP Italia?
 Why a new bond tailored to retail investors?
 The Communication Plan: Goals, Message, Target &
Tools
 Results
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3. What is BTP Italia?
 BTP Italia is the first Italian Treasury inflation-linked 4-year bond
conceived to meet the needs of retail investors. Indeed it is a medium
term financial investment opportunity that yields a return indexed to the domestic
cost of living. Its main characteristics are:
 guaranteed minimum annual real interest rate
 semi-annual coupons indexed to inflation
 semi-annual payment of the revaluation of principal accrued because of inflation
 bonus payment at maturity
 An innovative placement mechanism allows anyone to directly purchase
the bond at issuance through online trading systems, with total certainty
of being allotted for the amount requested (The rest of Italian bonds are instead
issued through auctions reserved to authorized operators. Retail investors must book the bond in
advance at their bank’s desk and are not certain of being allocated for the amount requested)
 Launched for the first time in 2012, during the global financial market crisis, now
the total BTP Italia outstanding amounts to 44.104 billions, collected in
4 different placements (March 2012, June 2012, October 2012, April 2013)
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4. Why a new bond tailored to retail investors?
At the end of 2011, the Treasury started to study how to better exploit the
traditional Italian retail propensity to invest directly in government bonds,
because several elements contributed to create favorable conditions to
carry out this initiative:
The good success of the initiative - “BTP Day” (“Government Bond
Day”) launched by the Italian Banking Association (ABI), on 28th
November,
2011
The awareness that a further diversification of the investor’s base
could help to better face difficult market situations
IT progress: the growing role of new electronic platforms and trading
tools, facilitating the access for non-professional investors
Increasing use of home banking facilities by Italian households
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5. The Communication Plan: Goals
1. To illustrate the financial characteristics of the bond.
2. To inform about the dates of the placement period in which
it was possible to buy the bond without fees.
3. To ensure retail investors about the convenience and
the safety in investing in a such a new specific bond
4. To inform about the simple and direct asset
management through online trading system that allows
retail investors to better manage their savings
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6. The Communication Plan: Target
The target is mainly Italian people. In particular:
1. Italian retail investors interested to switch to longer maturity
investments (i.e. from the one year BOT – Treasury Bill to a 4 year
bond)
2. Younger investors or whoever is familiar with IT technologies to
manage investments autonomously through on-line trading
systems
3. Institutional investors (either Italian and foreign ones) to
further diversify their portfolio
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7. 7
BTP Italia
The secure investment
to protect savings
accessible from any «port»

8. The Piggy Bank turns Hi-Tech to preserve
the Italians’ savings
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 "Security“: BTP Italia is a safe investment that
protects savings and guarantees a minimum annual
real rate;
 "Innovation": the message stressed the value of
innovation. The “piggy bank” is completely renewed
since now it is possible to purchase the bond through
the online trading systems, not only at the investor’s
bank desk or at post offices;
 "Confidence": the Public Administration has
shortened the distance with retail investors by opening
new "gateways" that allow to invest directly in Italian
government bonds;
 “in Italy I trust“: as the name wants to suggest this
bond is tailored to domestic demand, asking retail
investors to trust the Government that, on the other
hand, commits to protect their savings.

9. The Communication Plan: Tools
Communication Mix
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The Treasury managed different tools to support the campaign and deliver an
effective and coherent message:
•Radio and TV Advertising: creation of a TV and radio spot aired on the free spaces reserved to
Government’s strategic campaigns on the public radio and TV RAI networks (2 weeks before the
placement).
•Media relation: the most effective information tool. Press conference for the first placement then a fixed
calendar of press releases announcing relevant information about the bond (i.e. the date of placements, the
minimum guaranteed annual real coupon rate, the results) together with interviews given by the Head of
Italian Public Debt Directorate on main national economic media to explain the product.
•Events: debates within the investor community at the Italian Stock Exchange HQ, speeches by the Head
of the Italian Treasury presenting the products at investors meetings, etc.
•Online Customer Care: by e-mail.
•Online Information: detailed information published on the official web sites describing the bond and
offering always updated FAQs.
•Train Station Board Advertising: used only in the third and fourth placements, they were the killer-tool
to inform people about the BTP Italia conditions and dates of placement. The billboards were posted at
Italy's 100 main train stations including the large ones as Rome, Milan and Naples.
•Partnership Marketing: the advertising campaign was supported also by Borsa Italiana and Poste
Italiane that were partners of the project.

10. A success story coherent with communication
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March 2012 June 2012 October 2012 April 2013
Nr. Website
Unique Visitors
12,758 8,771 43,790 24,931
Nr. Contracts 133,479 44,688 186,698 196,509
Turnover (mln.€) 7,291.49 1,738.49 18,017.98 17,056.41

11. A great success among Italian retail
investors
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 For all the four placements, more than 80 per cent of the
contracts concluded had a size less than 50,000 euro and for
the last placement (April 2013) more than 50% of the contracts had
a size of less than 20,000 Euros.
 Contracts carried out via-home banking show an increasing
trend in all the placements, from 20% to 30% of the total
requests received through the banking networks.

12. Results: why people liked it
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1. A strong success due to the appeal of the bond itself, as the financial
characteristics and also the fact that whoever purchases the bond during the
placement period can be assured of always being allotted for the quantity
requested.
2. Timing was a killer-factor:
Availability of liquidity assets (Italian government bonds that expire in the same
period) just before the placement
Intense communication focused in the 3-4 weeks before placement
3. Among the communication tools adopted, the most efficient have been
the traditional ones (media relations and billboards) and also the
strategy to use a complete communication mix in a coherent way and in a
short period of time has been successful.
4. Finally, the accurate and updated online communication and the prompt
online customer care by e-mail to answer people‘ requests has been
fundamental so that they feel “confident” with the purchase.

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Many thanks for your attention!
For further information please visit:
www.tesoro.it
www.publicdebt.it